Smart, effective, real-time fraud prevention for retail banks
Retail banks face rising costs, increased competition and an ever-more serious fraud landscape. They are also under pressure to enter new markets and extend products and services such as open banking and instant payments without adding risk. In addition, they face costly regulatory compliance and need to meet international standards.
NetGuardians’ comprehensive fraud-prevention software was designed specifically for banks, overcoming their particular challenges when it comes to beating payment fraud. Its proven efficiency means it is relied on by leading retail banks worldwide to protect their customers and their reputations.
Our comprehensive, automated software is pre-integrated with the major core banking systems and delivers market-beating paybacks. The average bank expects software to pay for itself within 22 months. Banks using NetGuardians see payback three times faster – on average 8 months.
Compliance without compromise
PSD2, SWIFT CSP and anti-money-laundering transaction monitoring are all covered by one solution that also supports the latest international market standards such as Instant Payments ISO 20022. Our solution also allows banks to enter new markets and extend products and services, such as offering fast/instant payments and open banking, without adding risk.
Safeguard customer trust
Cutting-edge artificial intelligence using a data-centric approach spots even new fraud types, explaining exactly the nature of an anomaly. This creates a continuous feedback loop to help with fine-tuning, making the models even more accurate, thus cutting false alerts and unnecessary customer call backs and stopping more fraud. Our software keeps risk under control and avoids exposure to fines and fraud losses to build and maintain trust and protect your reputation.
Full financial crime suite
Our platform can be used across the organization to prevent internal fraud, external fraud and monitor transactions for AML purposes. We connect silos so the bank can unify customer insights, transactions, and processes, making investigations faster, more efficient and cutting risk.
Recent caught frauds
Authorized push payment fraud
Using social engineering techniques, the fraudster convinced the bank customer to transfer EUR 125,000 to an illicit account.
NetGuardians’ AI risk models stopped the transaction as certain variables did not match the customer’s profile, including the transaction creation day, the beneficiary account, beneficiary country, operation type, order type, and currency.
The fraudster impersonated the CEO of the account holder’s company and over email convinced the victim to pay EUR 170,000 into an illicit account.
NetGuardians’ AI risk models stopped the transaction due to unusual variables including the beneficiary account, beneficiary country, operation type, order type, and currency.
Internal and channels fraud
Fraudsters manipulated internal accounts in one bank to send money to another bank, which is protected by NetGuardians. The fraud was detected in real time and the fraudsters were arrested while attempting to withdraw USD 500,000 from the second bank’s ATMs.
NetGuardians AI risk models prevented the fraud due to the unusual timing and frequency of ATM withdrawals. After the detection of the fraud scheme by our solution, fraudsters were successfully caught by the police using the cameras installed at the ATM’s.
NetGuardians stops more fraud
Efficiency runs through NetGuardians’ fraud-prevention software. By learning and analyzing the behavior of each and every customer in real time, it correctly identifies anomalous transactions associated with each account, dramatically increasing the fraud-detection rate without adding friction.
We are already part of the global financial ecosystem, embedded into the banking platforms of major vendors including Finastra, Avaloq, Finacle and Mambu and is available on premise and in the cloud. As a result, it can be installed easily and quickly with minimal impact on the existing processes of any bank and the experience of its customers.
How it works
NetGuardians’ solution has an excellent proven ability to accurately spot fraudulent payments and can process very high volumes in real time. This means we will spot more fraud and stop payment before any money has left the account. This is good for us as a bank and good for our customers. Read more
Everything we do is for our customers. By working with NetGuardians we will be able to give them the best protection against fraudsters and improve our service to them. The accuracy of the software means we will only contact them when a transaction is highly likely to be fraud. This has two benefits – we will stop more fraud and contact our customers less often. It’s a win-win. Read more